'Turkish Insurance Sector Economic Impact Analysis' Introduced

Turkish Insurance Sector Economic Impact Analysis Introduced
'Turkish Insurance Sector Economic Impact Analysis' Introduced

Speaking at the launch of the “Turkish Insurance Industry Economic Impact Analysis” prepared by the Insurance Association of Turkey with Boğaziçi University, Atilla Benli, President of the Insurance Association of Turkey, emphasized the national economy.

The “Turkish Insurance Industry Economic Impact Analysis”, prepared by the Insurance Association of Turkey (TSB) in collaboration with Boğaziçi University Economics and Econometrics Research Center, was introduced at a meeting attended by the senior representatives of TSB member companies. TSB Vice Presidents Taylan Türkölmez and Uğur Gülen, and TSB Board members Ahmet Yaşar and Cemal Kişmir were also present at the event hosted by Atilla Benli.

“As of the end of 2021, the Turkish insurance and pension sector has reached a total asset size of 427 billion TL, a premium production of 104,9 billion TL and a guarantee of 32 trillion TL, 230 times the Gross Domestic Product. TSB President Atilla Benli said, “Our sector, which has increased its asset size to 2022 billion liras and premium production to 3 billion liras in the third quarter of 616, is a rapidly growing ecosystem.” He underlined that they are working hard for it.

TSB Chairman Benli stated that they aimed to determine the growth potential of the insurance and pension sectors and the steps that can bring this into practice, based on Peter Drucker's phrase “If you do not measure, you cannot manage” with the “Turkish Insurance Industry Economic Impact Analysis”. as we move towards the anniversary; As the Insurance Association of Turkey, we will continue our efforts uninterruptedly with the determination to fulfill our duty in the sustainable development move.”

Emphasizing that they are working to contribute more to our national economy, which is the best method of serving our nation and our people, Atilla Benli concluded his words as follows:

“It secures the mega investments of our country and the future of our citizens and institutions; With our direct and indirect contributions to our country's economy, we are striving to serve the strong and great Turkey vision of the future, the Turkish Century, with great effort.”

Prof. from Boğaziçi University Center for Economics and Econometrics. Dr. Gökhan Özartan and Assoc. Dr. Orhan Erem Ateşağaoğlu shared the details of the Report and the 'direct' and 'indirect' effects of possible scenarios on our national economy in their presentation.

According to this; The increase in penetration in the Turkish insurance sector from 2,2% to 3,2% on average observed in equivalent countries corresponds to a growth of approximately 45% on a sectoral basis. The Potential Scenario reveals that the total impact on GDP for the Turkish economy could grow by 3,51% and increase by 197,8 billion TL, thanks to the anticipated increase in penetration. In the Positive Unbundling Scenario, where the penetration rate is predicted to increase from 2,2% to 4,5%, the total impact on GDP is expected to increase by 7,46%, amounting to 421 billion TL.

Günceleme: 05/12/2022 15:21

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